Bank claims rate boost

CHALLENGE Bank has increased interest rates for a limited period on its Bonus Saver, term deposits and cash management accounts.

New accounts opened between 10 January and 29 February can earn additional interest on their funds.

Interest of up to 4 per cent per annum can be earned on the Bonus Saver, more than 3.5 per cent on the cash management account and up to 6 per cent on a term deposit account – the highest rate of interest for a term deposits currently available.